PPF Account Opening Banks

A number of banks in India offer the facility of opening PPF accounts. The State Bank of India and its state branches, ICICI Bank, Bank of Baroda, IDBI Bank, UBI, Union Bank of India, Canara Bank, Axis Bank, and Indian Bank are a few to name.

PPF can be opened with a minimum of Rs.500 and a maximum of Rs.1,50,000 in a financial year. The deposits can be made in a lump sum on in 12 instalments. Its maturity period is 15 years but on within one year of its maturity the maturity period can be extended for further 5 years. Premature closure is not allowed before 15 years. The deposits made in PPF account can be deducted under Section 80C of the Income Tax Act, 1961. The interest earned is tax free. Withdrawals are allowed every year from the 7th financial year from the date of opening the account. Loan can facility is available from the 3rd year from the date of opening PPF account. You can open PPF account in Post office and in the following banks:

Keep in mind that not all the branches of these banks are authorised to open PPF account and hence check with the bank before you open or transfer the account.

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